Blackboard Gets Bought for $1.64 Billion
According to Bloomberg, Providence Equity Partners Inc. has agreed to buy Blackboard Inc. for $1.64 billion.
The purchase will expand their for-profit education portfolio that includes college operator Education Management Corp. and English language specialist Study Group Pty Ltd.
The company was looking to move into online education, mobile access to learning, and also Blackboard's portal tools that allow schools to communicate to their students.
Providence, founded in 1989, focuses on media, communications, information and education investments, according to its website.
Scott Berg, an analyst with Feltl & Co., says in the Bloomberg article that Blackboard is a smart strategic fit for Providence because its education tools are “essentially required” for universities. Elluminate Inc. and Wimba Inc., virtual classroom companies bought by Blackboard last year, will be strong revenue generators for Providence as online education becomes more commonplace, Berg said.
The purchase will expand their for-profit education portfolio that includes college operator Education Management Corp. and English language specialist Study Group Pty Ltd.
The company was looking to move into online education, mobile access to learning, and also Blackboard's portal tools that allow schools to communicate to their students.
Providence, founded in 1989, focuses on media, communications, information and education investments, according to its website.
Scott Berg, an analyst with Feltl & Co., says in the Bloomberg article that Blackboard is a smart strategic fit for Providence because its education tools are “essentially required” for universities. Elluminate Inc. and Wimba Inc., virtual classroom companies bought by Blackboard last year, will be strong revenue generators for Providence as online education becomes more commonplace, Berg said.
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